Experts Say The Writing Is On The Wall: Pengu Will Overtake Pepe and Remittix Is Targeting Cardano BlockchainReporter
Source link ]]>
Dogecoin Creator Reveals Plans for Near Future – Is He Writing DOGE Book? U.Today
Source link ]]>
Bitcoin and Ethereum traded sharply lower Tuesday evening as the global cryptocurrency market cap plunged 7.5% to $986.4 billion at 8:26 p.m. EDT.
| Coin | 24-hour | 7-day | Price |
|---|---|---|---|
| Bitcoin BTC/USD | -9.7% | 7.2% | $20,217.87 |
| Ethereum ETH/USD | -7.8% | 0.9% | $1,577.62 |
| Dogecoin DOGE/USD | -6.3% | 1.5% | $0.06 |
| Cryptocurrency | 24-Hour % Change (+/-) | Price |
|---|---|---|
| Terra Classic (LUNC) | +21.8% | $0.00036 |
| TerraClassicUSD (USTC) | +6.3% | $0.04 |
| Terra (LUNA) | +5.2% | $4.23 |
See Also: How To Get Free NFTs
Why It Matters: Major cryptocurrencies dropped after the U.S. Labor Department posted the inflation numbers for August, which indicated the consumer price index rose 8.3% year-over-year.
Even though inflation cooled off compared to the 8.5% rise in July, it came above average economist estimates of 8%.
Stocks tumbled on Tuesday, with S&P 500 and Nasdaq losing 4.3% and 5.2%, respectively. U.S. stock futures were flat at the time of writing.
“A scorching inflation triggered a stock market selloff that is also dragging Bitcoin along for the ride,” said Edward Moya, a senior market analyst with OANDA, according to a note seen by Benzinga.
“Hopes of a soft landing, the end of the Fed hiking cycle, and a resilient consumer, are fading away. Bitcoin’s plunge reminded traders it remains the ultimate risky asset and is vulnerable if stock market selloff deepens.”
Justin Bennett, who had warned investors not to get “too comfy” yesterday, tweeted that the “writing was on the chart” for cryptocurrencies and stocks.
The writing was on the chart. $SPY $SPX $BTC $ETH #stocks #Cryptos https://t.co/X5vkR3St3X pic.twitter.com/h7TWBxh4um
— Justin Bennett (@JustinBennettFX) September 13, 2022
The trader warned that he thinks we’ve still not seen the lows for Bitcoin.
For the record, I still don’t think we’ve seen the lows for #Bitcoin.$BTC pic.twitter.com/deDaNFnPxJ
— Justin Bennett (@JustinBennettFX) September 13, 2022
Michaël van de Poppe said that the markets are pricing in a 100 basis point rate hike by the U.S. Federal Reserve for September.
Markets pricing in 100bps now for September.
Worst is getting priced in.
— Michaël van de Poppe (@CryptoMichNL) September 13, 2022
The cryptocurrency trader said, “Worst is getting priced in.”
Meanwhile, the number of Bitcoin addresses with 10 or more BTC has shot up since February, said Santiment.
The amount of #Bitcoin addresses with 10 or more $BTC has risen dramatically since mid-February. Over these past 7 months, the amount of these shark and whale addresses is up 3.6% on the network, and is back to its highest level in 19 months. https://t.co/7bFgEh1QMh pic.twitter.com/2CwEUCMgZ3
— Santiment (@santimentfeed) September 13, 2022
“Over these past 7 months, the amount of these shark and whale addresses is up 3.6% on the network, and is back to its highest level in 19 months,” said the market intelligence platform.
On the Ethereum side, the buzz surrounding the coin’s shift to a proof-of-stake continues to be intact. Stripe CEO Patrick Collison said Tuesday that the “Merge” was “one of the coolest examples of sustained, ambitious, technically difficult open source development.”
Excited about The Merge! One of the coolest examples of sustained, ambitious, technically difficult open source development. Congratulations and good luck to @VitalikButerin and to the Ethereum community. pic.twitter.com/XGh4tWcmEG
— Patrick Collison (@patrickc) September 13, 2022
Read Next: Investors Worried About Merge As Ethereum Leads Bitcoin In $62M Crypto Outflows
The crypto space is developing at an accelerated rate as projects such as Cardano continue to ship out impressive code. This fast-paced innovation has no doubt hit a few bumps in the road in terms of what is being shipped out to the community and how safe it is for investors.
Recently, a video from 2021 surfaced of Solana founders making fun of the fact that Cardano is very strict about the code which they write and ship out to the community. With so many problems such as the ones being faced by the Solana network, is this really a bad thing?
Building Out Code For Safety
If there’s one thing that Cardano is known for, it’s that all of its code is carefully written before being made available for the general public to use. This is in no way a point against the network given the amount of exploitation that is carried out on a daily basis in the crypto space. This is why the video of a Solana founder mocking the Cardano process has drawn the ire of the DeFi community, who have already voiced their displeasure with Solana’s performance.
Related Reading | Surge In Bitcoin Open Interest Suggests A Short Squeeze Was Behind Late May Rally
For comparison, while Cardano has been running non-stop for five years, the Solana network continues to experience multiple downtimes. In the space of the last month alone, Solana has experienced a total blackout two times that have left users unable to transact on the network. This is no surprise given the founders’ trial and error stance when it comes to shipping out code. However, they are never the victims of these outages as investors are always left to suffer the losses.
Given this, it is imperative to applaud networks such as Cardano who take out the time to actually make sure their code is safe before shipping out. Sure, the network is not perfect (there’s no such thing), but the continuous commitment to ensuring investors’ safety has been the bedrock of the blockchain and why it has developed such a cult-like following of loyal users.
Cardano founder highlights this in a response to the video which had resurfaced online;
So the primary criticism is that Cardano writes software carefully when billions of dollars are at stake from millions of users and thousands of businesses rely upon the infrastructure for their livelihood? I’d love to see these guys build a hospital. https://t.co/xjAmF7HPiu
— Charles Hoskinson (@IOHK_Charles) June 2, 2022
Good Things Coming For Cardano
Cardano continues to build out its network for a better experience for its users. Charles Hoskinson has teased that some amazing things will be coming out soon. Mainly, it is around the Input Endorsers which have been in development for a while.
Just got off a research call. I think everyone will be pleased about some genuinely amazing things coming together for Input Endorsers. We’ll have a video at Consensus on it
— Charles Hoskinson (@IOHK_Charles) June 2, 2022
These Input Endorsers enable the network to work faster by splitting a single block into two. Scheduled to go into effect after the Vasil Hard Fork, one half of the split block will be used as a consensus block and the other to hold transaction data. This will further accelerate the speed of the already lightning-fast network, making sending and receiving transactions a more seamless process, as explained by IOG’s Direction of Cardano Architecture, John Woods.
“If we decompose it, we split the block into two. So, we no longer have a single block on the network, but we now have two blocks. And we use one block to hold transactions and another block to achieve consensus.”
Related Reading | Hindsight 20/20: The Winners Of The Terra (LUNA) Collapse
With the upgrade coming, the price of ADA is expected to respond positively to the news. If this is the case, then it may trigger a recovery towards $1 for the digital asset.
Disclaimer: The following op-ed represents the views of the author, and may not necessarily reflect the views of Bitcoinist. Bitcoinist is an advocate of creative and financial freedom alike.
Featured image from Guarda Wallet, chart from TradingView.com
Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…
Web3 blog platform Mirror now lets writers sell their essays as NFTs.
Mirror, a kind of Medium meets Web3, lets bloggers publish essays on the Ethereum blockchain, then vote on the best ones with the platform’s governance token.
Upstart writers could already sell NFTs on the platform and hold crowdsales – they’ve raised $15.36M since Mirror launched in 2020.
Now they can create NFTs of their posts, many of which ebulliently describe the future of Web3.
All NFTs on Mirror have also just gotten far cheaper. Ethereum’s base layer is expensive, so the platform has tapped Optimism, a Layer 2 rollup network that cuts transaction costs from around $6 to a couple of cents by processing the bulk of the computational busywork on another chain.
To commemorate the launch, Mirror is selling some of the platform’s popular think pieces as NFTs. Selected entries include “Choosing Optimism”, “You Don’t Own Enough ETH” and “NFTs: Consumption vs Investment.”
Even the blog post announcing the Writing NFTs sold was up for grabs. The 420 NFTs could be minted at 0.01ETH, and now hold a floor price of 0.27 ETH on the Optimism NFT marketplace, Quixotic. Volumes hit about 10 ETH in the 12 hours since the post went live.
Mirror has launched a leaderboard for essays that ranks entries according to how much ETH they have raised.